Amid the Fed’s aggressive rate hikes, internet stocks have witnessed a substantial decline in investor attention, as evident from the First Trust D.J. Internet Index ETF’s (FDN) 7.8% loss over the past month and 47.5% decline year-to-date.
E-commerce and tech-giant Amazon.com, Inc. (AMZN) has lost 22.9% over the past month and 46.4% year-to-date. Moreover, the company reported mixed financials in its latest quarter. For the third quarter that ended September 30, 2022, AMZN’s total net sales came in at $127.10 billion, up 14.7% year-over-year.
